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Egyptian investors acquire stake in Tokio Marine Takaful subsidiary

23rd December 2019 - Author: Charlie Wood

EFG Finance Holding, a subsidiary of Egyptian investment bank EFG Hermes, along with GB Capital, a wholly owned subsidiary of GB Auto, have entered into a definitive sale and purchase agreement to acquire a 75% stake in Tokio Marine Egypt Family Takaful.

mergers and acquisitionsThe deal is worth £4.1 million and is subject to regulatory approvals.

EFG Hermes Finance and GB Capital will each own 37.5% of the company.

Established in 2008, Tokio Marine Egypt Family Takaful has provided individual and corporate clients with a broad suite of Sharia-compliant life insurance products.

The company is a subsidiary of the largest property and casualty insurance group in Japan, Tokio Marine Group.

The group recently announced plans to acquire US high net worth insurance specialist Pure Group for $3.1 billion.

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